Tariff of Mortgage Charges


Here are details of the Stafford Railway Building Society’s current fees relating to mortgage accounts. If you need any further information regarding any of our charges, please feel free to contact us.

Stafford Railway Building Society is closely involved in the mortgage industry’s initiative with the Council of Mortgage Lender and Which? to make our fees and charges easy for you to understand.

Our tariff of charges fully reflects the initiative’s good practice principles. This same document is being used across the industry to help customers compare mortgages.

When looking at the fees that other firms charge, you may notice some that don’t appear in our tariff (below). This means we don’t charge you these fees.

WHEN YOU WILL PAY THIS CHARGE
Before your first monthly payment
These are the fees and charges you may have to pay before we transfer your mortgage funds.
Name of charge What this charge is for How much is the charge?
Funds transfer fee Electronically transferring the mortgage funds to you or your solicitor. £25
Legal fee You will normally instruct a solicitor to act on your behalf in connection with your home purchase transaction. You may be required to pay their legal fees and costs as part of their work on your behalf. These fees/costs are normally charged by the solicitor; directly to you unless we tell you that we will contribute to the legal costs as part of your product deal. As agreed with your solicitor.
Valuation fee The lender’s valuation report, which is used to calculate how much it will lend you. This is separate from any valuation or survey of the property you might want to commission.There are other homebuyers or structural survey options available to you at a cost and there may be different approaches in different parts of the UK.

Some mortgages offer free valuations – the product details for your mortgage will tell you if this is the case.

See our valuation fees page.
Higher lending charge (if applicable) This is also referred to as an HLC. It is a fee charged by a mortgage lender where the amount borrowed exceeds 75% of the value of the property. This fee is used by the society to purchase an insurance policy to protect itself against the loss incurred in the event of a borrower defaulting on their mortgage. Please contact the Society for further details.
If you change your mortgage
NB
If you change to a new mortgage product, the ‘before your first monthly payment’ fees may also apply at this stage.
Name of charge What this charge is for How much is the charge?
Giving you a reference Charged if another lender asks us for a mortgage reference, such as how you have managed your mortgage account with us. We will only supply this if you have given us permission. £35
If you are unable to pay your mortgage
These are the most common charges you may have to pay if you fail to keep up with your mortgage payments. Some charges, for example those covering unpaid/returned direct debits or cheques, occur at the early stages of your inability to pay (arrears). Other charges, for example, relating to our repossession of the property, may apply later in the process and will be dependent on you circumstances.
Name of charge What this charge is for How much is the charge?
Arrears fee You may be charged an arrears fee on a monthly basis, or when specific events happen in the management of your account when you are in arrears. £35

 

YOUR MORTGAGE IS SECURED ON YOUR HOME, WHICH MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

We only offer our own products. All our residential mortgages are regulated and therefore subject to the FCA regulations' requirements.

Leaflets are available in large print

Call us on: 01785 223212